Gst Rate change in 5% in Real Estate

Earlier rate was 8% for affordable housing residential projects , now it is 1% without ITC

Earlier rate was 12% for houses other than affordable housing residential projects, now it is 5% without ITC

so it will be beneficial to customer, no loss or profit to builder, revenue of government will increase  

Nothing any wrong in your thinking,

it will automatically have compensating effect to both builder and customer 

after completion of the project builders were required to reverse the balance ITC in their ledger , and much conflict was there between department and assessee builder

Hi 

We have registered an under construction property in Nov 18, for which OC came on 22.2.19 and demand letter (invoice) is made on the same date.

But our payment is pending to be done. We are waiting so that if we make final payment in April 19 we can get benefit of lower GST ie 5%

Reasons:-

Since at the time of sale is it was under construction and I am making payment on 1.4.2019.

As there is no clarity on this wanted opinion for that.

Thanks

You will get benefit of reduced rate on balance liability to be due

IS ROW HOUSES CONSIDERED UNDER AFFORDABLE HOUSING  SCHEME OF GST

Yes, if its plan approved by local authority. having area as specified  in the notification and price below 45L/